2026-2-10 16:43 |
The so-called whales were busy during Bitcoin’s crash to a 15-month low of $60,000 as the large investors stepped in to buy the dip.
The recovery lifted the cryptocurrency by roughly 17% in a matter of days, and the top cryptocurrency was trading at $69,165 during the time of writing.
Data shows the rally followed a rapid transfer of coins from short-term sellers to larger holders, helping stabilise sentiment after a bout of panic across digital-asset markets.
Whale accumulation fuels recoveryOn-chain analytics firm Glassnode reported that addresses holding between 1,000 and 100,000 Bitcoin accumulated about 40,000 BTC during the recent decline.
Mid-tier holders controlling 1,000 to 10,000 BTC added roughly 22,000 coins, while larger wallets with 10,000 to 100,000 BTC accumulated about 18,000 over the same period.
The purchases coincided with Bitcoin’s rebound from below $60,000 to near $70,000.
Additional support came from Binance’s Secure Asset Fund for Users (SAFU), which converted another $300 million into 4,225 BTC.
The fund now holds 10,455 BTC worth roughly $731 million and still has more reserves to shift into Bitcoin.
Institutional participation also remained firm.
US spot Bitcoin exchange-traded funds recorded inflows of $331 million on Friday, signalling continued demand from professional investors despite recent volatility.
The scale of buying suggested deliberate positioning by larger market participants, with many taking advantage of lower prices to increase exposure.
Resistance emerges near $72,000Despite the strong rebound, Bitcoin struggled to break decisively above $72,000.
Technical charts show the price facing resistance at that level, forming an ascending-triangle structure that could determine the next move.
Analysts warned that failure to push higher may leave the market vulnerable to another pullback.
The next major support zone lies between $66,000 and $68,000, where the 200-week exponential moving average sits.
TexasWest Capital founder Christopher Inks said in a CoinTelegraph report that “the path of least resistance for Bitcoin at the moment is up or sideways, not new lows.”
“We didn’t get the Bitcoin weekly close back in the range at $75K or higher,” Inks said in a Monday post on X, adding:
“We want to see the low holding for the next 2-3 weeks with declining volumes on the pullbacks.”
Other analysts noted that the market may still retest lower levels before a sustained advance, while some estimates place a possible longer-term bottom closer to $50,000 in a scenario similar to the 2022 downturn.
Institutional flows support sentiment for nowThe rebound followed heavy selling pressure that had driven search interest and retail activity to yearly lows.
While smaller traders exited positions, larger entities accumulated coins, effectively tightening available supply.
Earlier in the year, a similar whale-driven accumulation preceded a rally toward $96,000 before prices fell again.
The current situation may echo that pattern, with buyers stabilising the market but not yet establishing a clear uptrend.
For now, Bitcoin appears to be consolidating near $70,000, with direction dependent on whether buyers can clear resistance or if the market revisits lower support levels.
The post Whales buy $2.8B in Bitcoin near $60K dip, but $72K resistance holds strong appeared first on Invezz
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